GLOBAL MARKETS-Asian markets extend gains as sentiment improves on outlook

By Imani Moise and Kane Wu
Feb 2 (Reuters) - Asian stock markets extended gains on
Tuesday on increased optimism about stimulus packages and global
economic recovery, while retail investors retreated from
GameStop and their new-found interest in silver.
MSCI's gauge of Asia Pacific stocks outside Japan
.MIAPJ0000PUS was up 1.25% mid-morning, building on Monday's
rise. Hong Kong's Hang Seng Index .HSI and China's benchmark
CSI300 Index .CSI300 opened 1.7% and 0.33% higher,
respectively. Japan's Nikkei 225 .N225 gained 0.67%.
Markets were buoyant ahead of negotiations Tuesday between
U.S. President Joe Biden and Republican senators on a new COVID
support bill. The GOP's $618bn stimulus plan released early
Monday was about a third the size of the President's proposal.
Top Democrats later on Monday filed a joint $1.9 trillion budget
measure in a step toward bypassing Republicans. "The debate (around the stimulus package) will be really
interesting. Markets will follow it," said Kyle Rodda, market
analyst at IG. "(but) markets have been pricing in that a
stimulus pacakge will be put in place in the future."
Australia's S&P/ASX 200 benchmark .AXJO added a further
1.23%, as the country's central bank is expected to maintain its
current policy setting when it releases the results of its
Tuesday board meeting at 3:30am GMT.
South Korea's KOSPI .KS11 also gained, adding 2.3%, as the
country's ruling party readies another round of COVID-19 cash
handouts and an extra budget.
Institutional investors are still digesting the retail
trading frenzy that has boosted GameStop Corp and other
so-called meme stocks in recent sessions against their financial
fundamentals.
Spot silver prices XAG= eased on Tuesday, falling more
than 1% to $28.30 in early trade, as some of the feverish
retail-trader driven interest in the precious metal cooled.

On Monday, amateur investors who have been organizing on
social media sites like Reddit and Twitter, set their sights on
silver, driving up mining stocks around the world and sending
precious metals dealers scrambling for bars and coins to meet
demand. Spot gold XAU= rose 0.12% to $1,862.36 per ounce Tuesday.
U.S. gold futures GCc1 fell 0.04% to settle at $1,860.1 per
ounce.
Brent crude LCOc1 was up 0.75% at $56.77 a barrel. U.S.
crude CLc1 recorded the same gain to $53.96 on Tuesday morning
as falling inventories and rising fuel demand due to a massive
snow storm in the Northeast United States propped up prices.

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